Don’t wait until you get the itch to retire to think about your exit strategy. It’s never too soon to think about selling your practice. Yes, you read that correctly. You should be considering obstacles for selling your practice even before you buy it. Here are a few things to evaluate years before it’s time to sell.
- Is your practice enticing to a buyer? Is your business name going to make for a seamless transition which results in optimal patient retention for the new owner?
- Are your service offerings highly specialized? Will the right buyer need advanced training to keep your existing patient base happy? If so, be sure to create your practice description in a way that it attracts the right buyer. The right buyer will be willing to pay more for your practice.
- Have you kept your office decor up-to-date? Just like selling a home, a practice is more desirable if it’s got a fresh coat of paint and is staged well.
- Does your website highlight your strengths? Does it feature your practice as modern and inviting? Do your patients talk about their experience in your practice, confirming your positive reputation in the town?
- Is your location accessible? Is your signage visible? What can you do to make your practice stand out to a potential buyer?
It’s never too soon to start thinking about your exit strategy. We can help you build up your practice in the years prior to selling for an optimal sale price.
